Analysis shows Bitcoin may crash to $30k
Bitcoin analyst believes that Bitcoin will soon hit a $39,000 trade price before any bull continuation.
The current trade price of Bitcoin (BTC), the top crypto asset by market cap, is $41,690 & this trade price is 4.5% down over the last 24 hours’ trade price.
In the last 48 hours, the trade price of Bitcoin crashed by 9%, from $44k to $40.1k which was not expected.
First Mtgox Bitcoin repayment news played a vital role in to crash of the trade price of Bitcoin and later 5 new US Senators’ support for Elizabeth Warren’s anti-crypto bill acted as another big catalyst to create more panic among Bitcoin traders.
At this stage, the majority of the analyst believes that the $39,000 trade price is easy range for Bitcoin to follow because the majority of the Bitcoin traders are in panic and also they’re expecting some more negative news.
An on-chain analyst Willy Woo shared his analysis and noted that Bitcoin has a gap near $39,700 on the Chicago Mercantile Exchange (CME) futures market.
The analysis noted that there are 9 factors supporting Bitcoin’s bull momentum but also there are 6 main Bitcoin bear factors which are in play.
According to this analysis, Bitcoin is still in a better position to show another big rally this year despite some negative sentiments.
Analysts dragged attention toward the upcoming Bitcoin halving event and said that we should be ready to enjoy the rally ahead of Bitcoin halving which will take place four months from now.
This prediction by the analyst was for a short term only. For the long term, he said that all will depend upon the investment and adoption of Bitcoin only.
Alongside these predictions, some analysts also shared their analysis and dragged attention toward the top resistance level of Bitcoin which was $42k.
As Bitcoin plummeted below $42k, there are huge chances that it will go below $40k again and in some worst scenario, it may go down to $30k.
Read also: Anti-crypto bill secures support by 5 new US Senators
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